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â€˜Cryptocurrency is junkâ€™

The Mastercard president and CEO, Ajay Banga has coined cryptocurrency as a junk. He addressed questions related to crypto at the â€˜New India Lecture.â€™ He emphasized that the anonymised currency that can fluctuate rapidly does not deserve to be identified as a medium of exchange. He stated that 95% of illegal transactions on the dark web have been taking crypto payments.